2010 was a good year for long term rentals with increased demand.  This was due in part as a result of the economy with people not qualifying for home mortgages and people losing homes to short sales or foreclosure.  Another factor that helped with the demand for rentals were people who owned a home and sold their home, lost their equity due to the devaluing of the property and no longer have the funds to purchase another home.

Demand for Long Term Rentals Will Continue

Based upon economic indicators and industry reports, we believe that the long term rental will remain strong for the next couple of years. The market for rentals has been good for years on Hilton Head and surrounding areas, but we think from what happened in 2010, we think it will be even better for the foreseeable future. The number of available rental properties has shrunk, because investor buyers are finding that lending institutions are requiring a substantial down payment and A1 credit for investment properties, so new properties are not becoming available for people who are in need of a rental, so it is the economics of “supply and demand”, as we have seen the available rentals shrunking.

Contact a Long Term Rental Agent if you are buying or renting

Please feel free to contact Keith A. Miller, PMIC by phone at (843)682-4310 or via email at keith@millerlongterm.com.  You can also visit their website at www.millerltr.com.  If you would like to search for a great home to rent long term until your ready to use it, please visit www.HiltonHeadRealEstateNews.com for the latest properties.